Real Estate Market Update, 3Q 2022

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3rd Quarter Real Estate Market Update – Madison and Surrounding*

The recent quarter closed out with about 3.7% less homes and 9.2% more condos sold compared to 2nd quarter. Overall single-family homes sold in the area are down 15.8% compared to 2021 third quarter.

Neighborhood sales differ greatly and what is happening in one area is not always happening in another area when it comes to competing offers and average days on the market. Your agent can help set expectations and give you a thorough overview to best prepare you.

Total number of Homes & Condos for Sale (as of 10/13/2022)

Single Family Homes 371
Condos 100

2nd Quarter Sales

Single Family Homes Condos
Homes Sold 1346 486
Average Days on Market 12 20
Average Price Sold $479,967 $308,115
Low Price Sold $125,000 $84,900
High Price Sold $3,3 00,000 $1,900,000

*3rd quarter dates, 7/1/22 – 9/30/22, *Areas Include: Madison, Fitchburg, Verona, Middleton, Waunakee, Sun Prairie, Monona, McFarland, Cottage Grove, Source: South Central Wisconsin Multiple Listing Service. Reflects entire market share from all brokerages.

Thinking about selling or buying in 2023? We can help you put together your plan for preparation and a timeline and assist you in evaluating what home updates will increase your value, connect you to recommended local experts, and guide you through negotiations.

If you are interested in learning more about Wisconsin’s housing statistics, click here. If you are interested in learning more about home sales in your specific neighborhood, we can set you up with email notifications. Email us at, let us know the neighborhood you live in and we’ll take care of the rest.

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